As a Scribe I have taken advantage of the low prices by milling the herbs and creating Blackfallow Inks and Inferno Inks, which I then sell as they are to people that don't want to spend time milling herbs.
There's nice profit to be had this way if the flower prices are low enough. I invested about 6500g into Cinderbloom stacks some days ago, each costing only 13-16g.
I then sold the Blackfallow Inks for 15-20g each, depending on stack size and Inferno Inks 66g each. According to my addon I profited about 22,000g from all of them.
I had boatloads of Blackfallows so I turned majority of them into Inferno Inks instead via the Ink trader in your local Inscription shop, even though they sell for way less than Blackfallow stacks. But they do seem to sell faster than overpriced Fallows.
Someone might create Darkmoon Cards and Fortune Cards instead, but their prices have dropped a lot and one Darkmoon card costs about 800g to make, yet most Cards are worth only 200-600g and only a few are worth 4000g so there's a risk involved. You also have to wait for the next Darkmoon to make gold if you want to sell trinkets and not invidual cards. I chose the safe way and sold the Inks instead.
Some tips to not make you bored to death
This is time consuming and repetitive, so make sure you enjoy the time as much as you can.
1. Create a milling macro like this
(Add whatever herbs you are milling)
2. Drag the shiny new macro into your actionbar somewhere so you don't have to keep your mouse pointer at a specific spot
3. Watch a tv show, movie or even youtube vids and reduce them both from full screen to windowed so you can see them both. Make WoW window extremely small (You don't need to see it clearly) and keep it on top so you can press your action bar key while watching the other window at the same time.
If you have a tv nearby, it's even easier :) Music is also a good choice!
Note: It will take some time to sell them all, since you will be undercutted a lot! Also, if your AH is full of inks, it's likely you can't make as much profit. Time your auctions so there won't be a lot of competition. You can also remove the competition by buying both cheap inks and herbs ;)